PUG Stock Market Analysis, LLC | Technical Analysis Blog

PUG Stock Market Analysis is here to help with SP500, QQQ, IWM, Gold technical analysis, stock analysis and more.

April 8th, 2014: SP-500 EOD Update

Posted by pugsma on April 8, 2014

4:40 pm EST:  Today the $NYMO confirmed a positive divergence wrt SPX price.

Primary count that minor 2 of major [5]-P3-C1 bottomed today at 1837.    Minor 3 is underway and will make a new high above 1897.  The first minute wave (1) of minor 3 should reach the 1884 pivot.  Within this minute (1), I have wave i-(1) at 1855, wave ii-(1) at 1848 and now wave iii-(1) headed for 1877, where iii=1.62*i.   The initial P3-C1 target is still 1941/1953, where [5]=0.62*[1] but now there is also a higher target at 2085, where major [5]=[1].  The primary wave count for minor 2 remains valid above the major [4] low of 1738.

The alternate (blue) count is that P3-C1 topped at 1897 and that the P4-C1 correction is underway.  The first leg down of the correction is the major [A]-P4 wave that is likely headed for the 200-day SMA of 1755 or the 1775 pivot area.  Within this major [A] wave, there should be 5 minor waves.  Minor 1 of major [A] completed today 1837 and there will next be a minor 2 bounce of about a 50%/62% retrace to 1867/1874 before minor 3 drops to 1770 where minor 3 =1.62*minor 1.  Within in this minor 2 wave, I have wave (a) of minor 2 at 1855, wave (b) at 1848 and now wave (c) up to 1866, where (c)=(a).  Ultimately I’m looking for P4-C1 to move lower, white channel line on the weekly chart later in 2014 and reach the 23%/38% retrace target of 1707 /1584.  The alternate (blue) count remains valid below the 1897 level.

SP-500 15-min chart (EOD):

PUG SP-500 15-min chart EOD 4-8-14

SP-500 60-min chart (EOD):

PUG SP-500 60-min chart EOD 4-8-14

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr chart EOD 4-8-14

Sorry, the comment form is closed at this time.